Analyst Note
| Dave Meats, CFA |Cabot delivered dry natural gas production of 2,375 mmcf/d in the fourth quarter, which was 1% lower sequentially and 3% lower year over year. This exceeded the top end of guidance (2,300–2,350 mmcf/d). Likewise, the firm’s financial results were slightly better than expected, with adjusted EBITDA and adjusted earnings per share coming in at $225 million and $0.26, respectively, (FactSet consensus estimates were $215 million and $0.21).